Tuesday, August 6, 2024
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The United Nations Global Compact (UNGC) successfully concluded its flagship regional event, “Moving Forward Faster Now | Asia & Oceania”, held at the Asia Business School on 5-6 August. The pivotal event brought together leaders from the travel, tourism and other sectors to accelerate sustainable business practices and advance the Sustainable Development Goals, attracting nearly 500 participants.
With just six years to go, current progress is lagging far behind what is needed to achieve the SDGs, according to the Sustainable Development Goals 2024 Report. Without massive investment and scaled-up action, achieving the SDGs – the blueprint for a more resilient and prosperous world and a roadmap out of current global crises – will remain out of reach. The report reveals that only 17 per cent of the SDGs are currently on track, with nearly half showing little or moderate progress and more than a third stalled or regressing.
Home to more than 60% of the world’s population, Asia and Oceania accounts for more than two-thirds of projected global growth. Its extensive networks of supply chains, including those linked to travel and tourism, are integral to international production, trade and investment.
Asia and Oceania’s rich cultural diversity, significant strides in digital transformation, and legacy of business innovation make the region uniquely positioned to lead the way in advancing corporate sustainability on the global stage. Travel and tourism companies, along with others in the region, have the ability to innovate, invest, and implement scalable solutions that address environmental and social challenges. By integrating sustainable practices into their operations, companies are making significant contributions to achieving the Sustainable Development Goals, fostering economic growth, and promoting inclusive prosperity.
Leaders at the event emphasized the critical role of private sector engagement in driving sustainable development. Companies showcased initiatives ranging from renewable energy projects to sustainable supply chain practices, highlighting the transformative impact of corporate responsibility in travel and tourism and other industries.
To date, more than 270 UN Global Compact participating companies from Asia and Oceania, including travel and tourism companies, have joined Forward Faster. The initiative calls on business leaders everywhere to take measurable, credible and ambitious action in five key areas – gender equality, climate action, living wage, finance and investment, and water resilience – where the private sector can collectively make the biggest and fastest impact to accelerate progress on all 17 Sustainable Development Goals by 2030.
The UN Global Compact has released a new report highlighting stories of impact from Asia and Oceania, clearly demonstrating the tangible results of the efforts of companies participating in the UN Global Compact. Each story, collected from companies across China, Japan, Nepal, the Philippines, Sri Lanka and Thailand, highlights the unique ways these companies are working to solve sustainability challenges, including those faced by the travel and tourism sectors. The stories are intended to serve as examples for other companies looking to integrate sustainability into their core operations.
Forward Faster Now Asia is the first in a series of regional Forward Faster Now events planned to showcase private sector action locally and regionally, highlighting the many opportunities and challenges in travel, tourism and other industries in each region.
Insights from the Faster Now Asia initiative will also contribute to events organized by the UN Global Compact during the high-level week of the UN General Assembly in September, including its flagship event, the Leaders’ Summit 2024.
“The commitment and innovation of businesses in Asia and Oceania is vital to achieving the Sustainable Development Goals. By leveraging their resources and expertise, the private sector can lead the way towards creating a more sustainable and equitable future for all,” he said. Sanda OjiamboCEO and Executive Director, United Nations Global Compact.
“By committing to measurable goals and reporting on their progress, companies can gain credibility with stakeholders and position themselves at the forefront of global markets,” Ojiambo said“We know that successful leaders are those who identify the needs of the future and act to meet them.”
